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It also the gives a graphic representation of the loan paid in Rupees as against years elapsed in terms of the total interest and the total amount paid. Apart from these cons, it also does not show the complete payment schedule at one glance.Ĭalculates monthly loan payment by asking for the principal amount, rate of interest, and the loan term. Customization options pertaining to the grace period, partial disbursal, repayment schedules are not allowed at all. However, despite these options, the Axis Education Loan EMI calculator lacks on several fronts. Besides the EMI, the AXIS bank education loan EMI calculator also checks your education loan eligibility. Helps you calculate the monthly EMI of the education loan by taking into account the education loan amount, the interest rate per annum, loan tenure in months, and the processing fees. AXIS Bank Education Loan EMI calculator.Unlike the GyanDhan Student Loan EMI Calculator, the SBI Education Loan EMI Calculator does not offer you the option of viewing and then downloading the loan repayment schedule report. However, it doesn’t allow for partial payment during the study period, and you cannot customize when you want to disburse your loan - the calculator assumes that you’ll disburse 100% of the loan in one go. It is quite flexible in nature as it allows you to factor in prepayment as well. One computation is based on interest being paid during the course duration and another computation in which the interest is not paid during the study period.
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However, we found that key features were missing.Ĭomputes repayment schedule by providing two types of calculations.
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Several top banks and financial institutions offer different types of education loan EMI calculators to students. Top Banks that Offer Education Loans in India However, since it is a long-term loan, hence even a slight difference in the interest, will help you to save a substantial amount of money. The education loan interest offered by all the banks and financial institutions are comparatively similar. By trying out different variable combinations, you can also arrive at a figure that you think you are comfortable repaying. The same online education loan EMI calculator can be used as an education loan interest calculator to find out the interest payouts. You just need to input the education loan amount (Principal), the interest rate, and the loan tenure (number of years) in the education loan EMI calculator and it immediately calculates the education loan EMI using the mathematical equation: EMI =, where P = Principal, R = Rate of Interest, and n = Tenure.
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As an added benefit, you can also view and even download the complete loan repayment schedule, which will help you to plan your finances in a more organized and systematic manner.
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It also proposes various types of EMI based on full interest, partial interest, and full EMI. The level of customization offered by GyanDhan’s education loan EMI Calculator is unprecedented as it provides you with the opportunity to factor in your grace period, flexible disbursals, processing fees. The amortization schedule also gives you a fair idea about how much an education loan is going to cost you by helping you calculate the total interest amount to be paid over the entire loan tenure. And that’s not all, it also details the amount of loan that you have repaid till date and how much is outstanding. It also gives you an amortization schedule which shows EMI break-up in terms of monthly interest paid and the principal repaid. GyanDhan’s education loan EMI calculator is an online tool that helps students calculate the amount they need to pay monthly after taking an education loan.